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There are at least five reasons for this finding. First, it best preserves the purpose and clear meaning of the Statute of Frauds; an oral promise concerning land may create legal obligations, but it does not create an enforceable contract. Equitable estoppel, while characterized by MHPG as an equitable bar to the invocation of the Statute of Frauds as a defense to.
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In the absence of a written agreement, the provisions of the 1890 Partnership Act will apply. In essence, these state that all the partners are equal and share profits, losses, start up and running costs as well as the workload equally. Whilst the provisions are intended to provide an equitable framework for running your business, in reality, there are significant implications.
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